20 Jul AT A PRICE OF $20 HOW MANY WIDGETS ARE PRODUCERS WILLING TO SUPPLY?
Give a clear definition of each economic term that is u Show more Introduction to Microeconomics Problem Set 5 Give a clear definition of each economic term that is used in the question or in your answer. Put the definition at the bottom of your answer and underline the terms you are defining. 1. Classify the following pairs of goods and services as substitutes in production complements in production or neither. a. French fries and baked potatoes b. Leather boots and leather shoes c. Bottled water and health club memberships 2. For each of the situations in the following table fill in the missing information: first determine whether the situation causes a shift or a movement along the supply curve then if it causes a shift determine whether the supply curve shifts to the right or the left. Draw a graph for each event. 3. Suppose there are two identical firms in a given industry. Since they are identical they have the same supply curve given by the equation P = 10 + 2Q. Fill in the table and graph the market supply curve in this industry. 4. The following graph represents the supply curve for the production of widgets in Town Center. a. At a price of $20 how many widgets are producers willing to supply? b. At a price of $40 how many widgets are producers willing to supply? c. Suppose the price is initial $30 but then falls to $20. What is the change in the quantity supplied? d. Suppose the price is initial $30 but then increases to $50. What is the change in the quantity supplied? e. What price must suppliers receive to be willing to supply 80 widgets? f. What price must suppliers receive to be willing to supply 40 widgets? g. What does the slope of a typical supply curve imply about the relationship between price and the quantity supplied? 5. Suppose the market demand for pizza is given by Qd = 300 20P and the market supply for pizza are given by Qs = 20P 100 where P = price (per pizza). a. Graph the supply and demand schedules for pizza. b. Calculate the equilibrium quantity and price of pizzas. c. Suppose the price of hamburgers a substitute for pizza doubles. This leads to a doubling of the demand for pizza. (At each price consumers demand twice as much pizza as before.) Write the equation for the new market demand for pizza. d. Find the new equilibrium price and quantity of pizza. Show less
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